Genmar retention program approved by court

Author:
Updated:
Original:

Genmar can pay up to 15 midlevel managers a total of $400,000 as part of a retention program, a bankruptcy judge in Minnesota ruled Tuesday.

Genmar, in court filings, said the program is crucial to ensure a smooth execution of the 22-company reorganization and prepare for emergence from Chapter 11.

The Unsecured Creditors' Committee had filed an objection, saying the program is not necessary to ensure these individuals will continue to work for Genmar.

In court documents, the committee said, "During this economic downturn the midlevel managers of Genmar Holdings … will have few, if any, alternatives to working at Genmar Holdings Inc."

The program is described as targeting up to 15 midlevel managers and would issue payments between $4,000 and $40,000, depending on the base salary of the participant.

The committee said it had seen a confidential list of individuals, which identifies the midlevel managers as in-house attorneys or legal staff, accountants and business managers. Three of these managers, it says, have not been identified.

Related

Freedom Boat Club Buys N.Y. Franchise

The latest acquisition is Brunswick’s sixth corporate-owned Freedom operation in the United States.

In-Person NMEA Conference Announced

The electronics conference, in conjunction with the Radio Technical Commission for Maritime Services, is scheduled for Sept. 20-24 in Orlando, Fla.

Vesper Appoints U.S.-based Manager

Damien Frye will drive sales of the New Zealand-based company’s Cortex product line.

Groupe Beneteau Sells CNB

As part of the conglomerate’s realignment, the Groupe has inked an agreement with Italian yard Solaris to purchase the bluewater sailing brand.

IBEX Hires Education Director

Patty Lawrence will manage the show’s preconference sessions, seminars and workshops.

Organizers Plan for In-Person Metstrade

The show is scheduled for Nov. 16-18 in Amsterdam and will incorporate virtual elements.

X Shore Secures $17M in Funding

The Swedish company’s 26-foot Eelex 8000 electric boat premiered at the Palm Beach show last month.